Question: Problem 6 . Amortization and Home Equity. The Browns have purchased a ( $ 5 0 0 , 0 0 0 )

Problem

6 .

Amortization and Home Equity. The Browns have purchased a

\ (\

500, 000 \)

house. They made an initial down payment of

\ (\

50, 000 \) (

find out monthly pagment first and secured a mortgage with interest charged at the rate of a the loan is to be amortized over Interest computations are made at the

30

years, what appreciation

)

after

5

years? After

15

years?

(

disregarding appreciation

)

after

5

years? A Solution:

Problem 6 . Amortization and Home Equity. The

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